The promising industrial data from Europe this morning only added fuel to the fire.
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Chinese stock markets managed to eke out gains on companies' overseas investments and Beijing's measures to support the ailing export sector, and South Korean equities gained on favorable industrial data.
This week has seen industrial production data coming out of the major EU countries, and all of that data showed significant industrial output contraction in those countries.
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Russian statistical agency Rosstat released yet another set of solid monthly data this week, following strong industrial production data last week.
The government will announce the March industrial production data toward the middle of May.
All are situated in industrial and data-outsourcing hubs and are aimed at the middle manager on a budget.
Also, better-than-expected German industrial production data for April was reported, at up 1.2% when a 0.2% decline was expected.
Adding concerns to European growth this morning is weaker-than-expected Italian industrial output data, down -0.8% versus an expected print of -0.2%.
January industrial production data, out next Thursday, should grow 1% from December.
For instance, even though retail sales and industrial production data in July were higher than consensus expectations, the previous values were revised lower.
Still, better-than-expected industrial output data supported the broader market in Tokyo.
The industrial production data issued on August 15th showed better-than-expected growth of 0.2% in July and also suggest quite strong productivity growth in the manufacturing sector.
Industrial production data is due later in the morning session.
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Short-term business debt levels continue to expand in the first quarter alongside higher aggregate industrial output data, Fed reports show, even as high-grade issuers continue to refinance short-term debt balances at a steady clip this year.
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European stocks mostly declined, with the Stoxx Europe 600 down 0.4%, after industrial-production data in the euro zone showed output fell in November from the previous year.
Some economists had been hoping for a rate cut after recent industrial and manufacturing data supplied further evidence that economic growth in Britain was slowing, but the central bank is more worried about high inflation brought on by rising oil and food prices.
U.S. economic data for next week brings the consumer and producer price indexes, while industrial production and manufacturing data from the Empire State Index and the Philadelphia Fed are also slated for release.
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On Sept. 9, inflation data, industrial production, trade balance and retail sales are expected.
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In Asia, data showed industrial production and retail sales in China for the January and February period missed expectations.
U.S. economic data due for release Friday includes Treasury international capital data, industrial production and capacity utilization, and quarterly e-commerce retail sales.
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On the supply-side data, industrial-sector output also increased for two consecutive quarters.
In overnight trading, U.S. stocks rose in part of the strength of Chinese data on industrial production, which increased by 13.3% in May from a year earlier.
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In the case of industrial metals, the data and easing expectations are being viewed as a harbinger of stronger demand to come that will mean tighter market balances than would otherwise occur.
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U.S. economic data due for release Friday includes the Empire State manufacturing survey, Treasury international capital data, industrial production and capacity utilization, the University of Michigan consumer sentiment survey, and quarterly e-commerce retail sales.
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U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales data, the consumer price index, Treasury international capital data, industrial production and capacity utilization, and the NAHB housing market index.
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U.S. economic data due for release Thursday includes the weekly jobless claims report, the empire state manufacturing survey, the producer price index, Treasury international capital data, industrial production and capacity utilization, and the Philadelphia Fed business outlook survey.
The U.S. data includes the weekly MBA mortgage applications survey, the consumer price index, the Empire State manufacturing survey, real earnings, Treasury international capital data, industrial production and capacity utilization, the NAHB housing market index and the weekly DOE energy stocks report.
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U.S. retail sales data, industrial output in China and the euro area, the ongoing Spanish banking crisis and possible further monetary policy easing in Japan will all be overshadowed by the Greek elections, said Nomura Securities analysts in a 16 page report on Friday.
Industrial production and retail sales data for China were also weaker than expected.
Data Friday showed industrial output grew a mere 0.6% from a year earlier in February, underscoring the economic slowdown.
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